Former OpenSea Executive Faces Charges for Illegal Insider Trading

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Former OpenSea Executive potentially faces 40 years in prison

A former OpenSea Executive is facing charges for money laundering and wire fraud, according to the US Attorney.

OpenSea’s Product Manager, Nathaniel Chastain, was in control of promoting trending NFTs on the marketplace’s homepage—an important role considering the more in demand the digital assets, the higher the value.

However, the fraudster took his role for granted. Chastain anonymously signed into crypto accounts and wallets to store and purchase tons of NFTs. He then took to OpenSea to publish and sell the digital assets for 5 times more than their original prices.

Despite being caught out last month, the fraudulent activity took place between June and September 2021 last year.

To prevent common occurrences, OpenSea shortly changed its policy to ban employees from buying or selling items from its marketplace.

The ex-executive may face up to 40 years in prison.

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